New car with poor credit

You-kip

Peelerfart wrote: »

Don't remember that one you kip, might have missed it though,where is it?

Its floating about somewhere.

poppasmurf_bewdley

You-kip wrote: »

Its floating about somewhere.

Rather like Yo-UKIP.

You-kip

poppasmurf_bewdley wrote: »

Rather like Yo-UKIP.

You're the second person who's mistaken you-kip with UKIP my name is yoùsan Kiplier.

SeanG79

You mention issues a few years back...firstly how many is a few years and secondly are you currently up to date and if so when was the last time that you weren't.

In addition to the above, what is your annual income and what deposit are you able to put down?

Gordon_Hose

You-kip wrote: »

You're the second person who's mistaken you-kip with UKIP my name is yoùsan Kiplier.

Exceedingly good cakes!

Oh, wait...

tfc_chris

SeanG79 wrote: »

You mention issues a few years back...firstly how many is a few years and secondly are you currently up to date and if so when was the last time that you weren't.

In addition to the above, what is your annual income and what deposit are you able to put down?

Thanks for the replies all.

Yeah, I had a few issues due to redundancy in 2010, all debts have since been paid up and have been for around a year now and I have been able to save a couple of grand in the mean time.

My last annual income was around £24k including regular overtime, but about £20k basic. I can put down between £200-£300 plus my current car as I don't really want to dip into my savings too much.

Angry_Bear

tfc_chris wrote: »

Thanks for the replies all.

Yeah, I had a few issues due to redundancy in 2010, all debts have since been paid up and have been for around a year now and I have been able to save a couple of grand in the mean time.

My last annual income was around £24k including regular overtime, but about £20k basic. I can put down between £200-£300 plus my current car as I don't really want to dip into my savings too much.

Given that the interest rates you might get will almost certainly be higher than any interest on your savings it would mak emuch more financial sense to use your savigs to increase the deposit. As an added bonus, this might have the effect of reducing any interest rate you were offered so would have a double-whammy effect.

SeanG79

Based on the fact that you are up to date and assuming this has been for about a year I would like to think you would be able to get vehicle finance.

You mention using your car as a part ex, have you been given any idea of what the dealer is offering for the part ex?

As Angry Bear states considering the rate you will be paying on the finance vs what interest you can earn on your savings, you would be advised to put down as much deposit as you can. This will also improve the likelihood of being approved as the lender will have increased security in the vehicle.

michael1983l

Newsflash... People don't just keep savings to earn interest. They keep them for emergencies too.

Angry_Bear

michael1983l wrote: »

Newsflash... People don't just keep savings to earn interest. They keep them for emergencies too.

Yes but, for example. If someone has a maxed out credit card with a limit of 3k and APR of 17.9% but has savings of 2.5k - they'd be much better off paying off their credit card and leaving the extra available on it for emergencies than just keeping savings.

Of course this is slightly different when it comes to a loan, but only the OP knows his situation and how much he has in the way of savings - so only he can make an actual decision.